Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0580%/8h= +63.5% APRpaid last 24h +0.086%

Price spread now: BloFin against Phemex+0.024%7-day average −0.010% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.491%+$49 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now +0.024%, 7d avg −0.010%

Together, before fees+0.464%+$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and BloFin is 0.035% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex MSTRUSDT	165.55	0	get 0.0000% / 4h	48m 39s	$2.8M	$85K	10x
Short	BloFin MSTR-USDT	165.59	0.0580	get 0.0580% / 8h	4h 48m	$1.1M	$2.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhemexbpFee BloFinbpOrdersPrice spread, now +0.024%Rate

Funding earned: $121.7
Price spread: +0.024% → −0.010%: $3.45
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: $101.15
Costs to cover: 0.240%
Break-even: 1.2 days

Slippage unknown: Phemex: live order book, 3 min ago; BloFin: live order book, 2 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phemex live order book, 3 min ago	2.11 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 2 min ago	0.30 bp	8.2 bp −$8	9.0 bp −$90	18.3 bp −$1,828	doesn't fit

MSTR on 32 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate MSTR_USDT	0.0000%	8h	165.91	+0.217%	$4.9M	$17.1M	50x	as long as short
Bitget MSTRUSDT	0.0000%	8h	165.97	+0.254%	$32.3M	$102.9M	25x	as long as short
Phemex MSTRUSDTlong	0.0000%	4h	165.55	long leg	$2.8M	$85K	10x
Lighter MSTR	+0.0032%	1h	165.91	+0.217%	$3.5M	$1.7M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	165.50	−0.030%	$1.0M	$2.4M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	165.22	−0.199%	$7K	$28K	30x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	165.71	+0.097%	—	$1.7M	25x	as long as short
Polymarket Perps MSTR-USD	+0.0050%	1h	165.70	+0.091%	$412K	$2.5M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	165.62	+0.042%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	166.00	+0.272%	$852K	$3.3M	10x	as long as short

Show all 32 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX MSTR-USD	+0.0054%	1h	165.60	+0.030%	$1.3M	$5.7M	10x	as long as short
Coinbase International MSTR-PERP-INTX	+0.0056%	1h	165.53	−0.012%	$1.4M	$353K	10x	as long as short
Nado MSTR-PERP	+0.0077%	1h	165.42	−0.080%	$127K	$126K	3x	as long as short
Paradex MSTR-USD-PERP	+0.0086%	8h	165.93	+0.232%	$66	—	5x	as long as short
Pacifica MSTR	+0.0100%	1h	165.88	+0.200%	$101K	$64K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	165.78	+0.139%	$2.3M	$2.8M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	165.85	+0.181%	$6K	$151K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	165.59	+0.024%	$2K	$11K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	165.55	0.000%	$137	$100	10x	as long as short
Bybit MSTRUSDT	+0.0153%	8h	166.03	+0.290%	$16.5M	$37.8M	50x	as long as short
tradeXYZ xyz:MSTR	+0.0229%	1h	165.90	+0.211%	$54.8M	$33.5M	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0249%	8h	166.00	+0.272%	$21.9M	$79.7M	50x	as long as short
Aster MSTRUSDT	+0.0264%	8h	165.88	+0.199%	$1.8M	$6.3M	50x	as long as short
Phoenix MSTR	+0.0308%	1h	165.72	+0.103%	$55K	$213K	10x	as long as short
Variational Omni MSTR	+0.0352%	8h	165.97	+0.254%	$1.2M	$1.6M	—	as long as short
GRVT MSTR_USDT_Perp	+0.0429%	8h	166.01	+0.277%	$84K	$943K	10x	as long as short
Binance MSTRUSDT	+0.0442%	8h	165.91	+0.215%	$86.7M	$516.5M	50x	as long as short
RISEx MSTR/USDC	+0.0459%	1h	165.69	+0.085%	$282K	$354K	10x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0475%	1h	165.53	−0.012%	$281K	$188K	10x	as long as short
edgeX MSTRUSDC	+0.0497%	4h	165.94	+0.233%	$50K	$4.5M	10x	as long as short
BloFin MSTR-USDTshort	+0.0580%	8h	165.59	+0.024%	$1.1M	$2.0M	20x
Arcus MSTR-USD	+0.0803%	1h	165.90	+0.211%	$27K	$67K	10x	as long as short